The focus remains on demand, w

2021-06-07

The focus remains on demand, with traffic data suggesting the summer driving season should be positive

WTI Oil Tops $70 for First Time Since 2018 as Market Tightens

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Comments

redbean
2021-09-05
redbean
agreed
redbean
2021-08-30
redbean
true
redbean
2021-06-07
redbean
yes

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OPEC+ appears in control of crude prices, with U.S. production lagging pre-pandemic levels, Mike Muller, Vitol’s head of Asia, said at a conference on Sunday. The alliance is returning supply after output cuts helped to tighten the market.</p><p>A robust rebound from the virus in the U.S., China and Europe has driven prices more than 40% higher this year, although the Covid-19 comeback in Asia is a reminder that the recovery will be uneven. Russia’s Rosneft PJSC, meanwhile, warned of an impending shortfall in supply as global producers increasingly channel funds into a “hasty” energy transition.</p><p>“I expect crude oil to continue to push higher,” said Daniel Hynes, senior commodities strategist at Australia and New Zealand Banking Group Ltd. “The focus remains on demand, with traffic data suggesting the summer driving season should be positive.”</p><p>The market has firmed in a bullish structure. The prompt timespread for Brent is 41 cents in backwardation -- where near-dated prices are more expensive than later-dated ones. That compares with 37 cents a week earlier.</p><p>The decline in U.S. drilling and output makes OPEC+’s job of managing markets easier, Vitol’s Muller said at an event hosted by consultant Gulf Intelligence. 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OPEC+ appears in control of crude prices, with U.S. production lagging pre-pandemic levels, Mike Muller, Vitol’s head of Asia, said at a conference on Sunday. The alliance is returning supply after output cuts helped to tighten the market.A robust rebound from the virus in the U.S., China and Europe has driven prices more than 40% higher this year, although the Covid-19 comeback in Asia is a reminder that the recovery will be uneven. Russia’s Rosneft PJSC, meanwhile, warned of an impending shortfall in supply as global producers increasingly channel funds into a “hasty” energy transition.“I expect crude oil to continue to push higher,” said Daniel Hynes, senior commodities strategist at Australia and New Zealand Banking Group Ltd. “The focus remains on demand, with traffic data suggesting the summer driving season should be positive.”The market has firmed in a bullish structure. 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